Leprechaun Open Pit Ore Control Drilling Increases Confidence and adds 30% Contained Gold versus the 2022 Reserve Model At the Valentine Gold Mine in Newfoundland and Labrador, Canada

Core Viewpoint - Calibre Mining has reported significant improvements in ore control drilling results at the Leprechaun open pit of the Valentine Gold Mine, indicating a 30% increase in contained gold and a 1% higher grade compared to the 2022 Mineral Reserve model [1][2]. Group 1: Drilling Results - The company completed 21,500 metres of reverse circulation drilling with a 9 x 9 metre spacing, resulting in 29% more ore tonnes and 30% more gold than the previous model [1]. - The ore control model shows that applying a higher cut-off grade can yield higher grade material, with a potential increase of 18% in grade at a 1.0 g/t cut-off compared to the 2022 model [2]. Group 2: Project Development - Construction at the Valentine Gold Mine is progressing well, with no changes to the fully funded initial project capital cost of C$744 million, and the company remains on track to deliver first gold in Q2 2025 [3]. - The correlation between the ore control block model and the 2022 Mineral Reserve Block Model has been demonstrated through the recent drilling, covering 7.9 million tonnes of material [3]. Group 3: Technical Data - The ore control block model indicates a total of 1,416,129 tonnes at an average grade of 1.48 g/t gold, compared to the 2022 Mineral Reserve of 1,055,242 tonnes at 1.46 g/t gold, reflecting a 29% increase in tonnes and a 1% increase in grade [4]. - Detailed comparisons of ore control and mineral reserve data show significant differences in various grade cut-off categories, with notable increases in both tonnes and ounces for higher grade ranges [4].